Today, it is much more common for people to purchase health insurance online. This is found to be especially true among younger Indians. Purchasing health insurance online is a convenient and hassle-free process compared to its offline counterpart. So it is entirely understandable why most Indians would prefer this method.
However, did you know that online medical policies are more transparent? This is because people can easily check all the features and exclusions listed under a plan. An online process gives people a bird’s eye view of the health insurance plan.
This makes it easier for clients to decide if they want to buy health insurance online and even compare the policy against other plans. So if you want to know more about why you should consider buying a health policy online, you have come to the right place.
Why You Should Purchase Health Insurance Online The Next You Buy Insurance?
There are many benefits to buying health insurance online. Here, we will expand on the previously stated points to give you a better understanding of the online buying process. These are some reasons why an online process is the better route to take when buying health insurance:
- More Research Time
An online process gives you ample time to research, decide and pay for the health insurance plan you want. This is because it cuts out the part of your having to talk to an insurance agent. While an insurance agent can help clear any queries you may have, they are also trying their hardest to make a sale. So it’s a double-edged sword. Sometimes, clients may get rushed into buying a policy they don’t fully understand.
If you buy a plan online, you can look into the company’s claims settlement ratio and incurred claims ratio. These are essential parameters everyone should check before buying a health insurance plan.
You also get access to the insurance company’s full roster of plans. For example, sites like Tata AIG provide cashless health insurance plans. If you were buying insurance offline, you might miss your chance at getting one if you were specifically interested in buying a cashless plan.
- You Get To Compare Different Plans
This is an advantage nearly everyone appreciates when they buy a health policy online. In addition, most insurance companies today allow you to compare several health insurance policies against each other on their website. This gives you a better understanding of the potential benefits of each plan.
This is especially true if you use aggregator sites to compare insurance plans from several providers. Just be sure always to check the legitimacy of the insurer’s licence on the IRDAI’s website to rule out any cases of fraud.
- Less Paperwork
Most people hesitate to buy health insurance plans or insurance plans in general due to the amount of paperwork involved. With an online process, you have all your documents in one place, making them easier to access.
Furthermore, the application process is simplified as you can fill out the application form and upload the necessary documents to the website in one go. Insurance websites also provide tutorials, tools and suggestions on exactly how you should go about the process.
- Clearer Terms And Conditions
The IRDAI mandates that all insurance companies selling insurance online should make their terms and conditions available to the public. This way, you get to read the fine print and have a thorough understanding of the limitations of your health insurance.
In addition, you get access to this information 24/7 and have the time and ability to conduct a better analysis of your plan.
Comparing Online And Offline Health Insurance Plans
|Parameters||Online Health Insurance||Offline Health Insurance|
|Cost||More affordable and buying insurance online can also make you eligible for discounts.||Offline plans are usually more expensive, and you are less likely to get a discount.|
|Paperwork||Overall less paperwork as the whole process is digitised.||More paperwork as compared to online health insurance|
|Transparency||You have full access to authentic information about the plan. So it is more transparent.||For an offline process, you need to rely on the information provided by your agent, which can limit the amount of information you have access to. So it’s less transparent.|
|Flexibility And Access||You have more flexibility and access to an online process as you view and compare more policies and plans.||You have access to a limited number of plans, so comparing plans can be difficult.|
|Convenience||More convenient.||Less convenient as you would have to visit the insurance provider in person.|
|Time Taken||Considerably faster and can be done in a matter of minutes.||A slower process that can take a few weeks.|
The Bottom Line
Online medical policies have more benefits and are more transparent. If you are on the fence about what process would best suit you, consider the points in this article. Always speak to the insurer if you need clarification or have any queries.